Property

Home owners raiding their super

DESPERATE property owners on the brink of losing their homes are raiding their superannuation in growing numbers, accessing a record $100 million in emergency funds in the past 12 months to keep the banks at bay.

More than 6500 home owners received emergency access to their superannuation last financial year, leading to warnings from welfare and housing groups that a growing number of people face financial stress. The 12 per cent surge in those getting access to the funds has come despite steep cuts in the interest rate.

Federal government figures show the average payment was more than $15,000, which would drain the average retirement savings account by a fifth for men and nearly 40 per cent for women.

It also marks the second straight year that the number of people gaining access to their nest egg has increased.
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The claims for 2011-12 totalled $99.38 million, a 25 per cent increase on the previous year and well above the value of payments made after the global financial crisis. Also, the average individual payment has more than doubled in the past decade.

Read more at Brisbanetimes.com.au

Topics:  big banks, home owners, home ownership, mortgage, superannuation


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